Extra day in leap year causes jump in sales for February

Members of the Ottawa Real Estate Board sold 911 residential properties in February through the Board’s Multiple Listing ServiceĀ® system, compared with 850 in February 2015, an increase of 7.2 per cent. The five-year average for February sales is 908.

The average sale price of a residential-class property sold in February in the Ottawa area was $384,632, an increase of 1.2 per cent over February 2015. The average sale price for a condominium-class property was $249,727, a decrease of 6.8 per cent over February 2015.

The average cumulative days on market for a home to sell was 109. This represents an increase of 10% compared to 99 days on the market in February 2015.

There were 2,312 new listings on MLS in February. This represents an increase of 26.6% since January 2015 and represents a 2.2% decrease compared to 2,364 new listings taken in February 2015.

Lastly, the average sale price to average list price was 97%.